Litecoin: Price Analysis, October 19

LTC/USD

Litecoin continues to trade below both moving averages, which is a negative sign. A break below $52 can result in a drop to the bottom of the range at $49.466. This will be the fourth visit to the bottom of the $49.466–$69.279 range since Aug. 14.




LTC/USD




If the bears break down and close below the range, a fall to the next lower support of $40 is probable.

The LTC/USD pair will signal a change in trend only after a breakout and close (UTC time frame) above the range. We believe the traders should wait for a break out of the range before initiating any long positions in it.

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